Units won't rent??

[Adam York]

Hey Everyone,

My wife and I are managing our first property and are having an extremely difficult time getting tenants. It's 12 units of lofts in a great area, walking distance from one of the most popular downtown hotspots. They're 1bd/1bth with an open loft that could be used as a bedroom so we're marketing it as 2bd/1bth. We've used services like apartments.com, zillow, and avail and still the leads just trickle in. After 3 months of no tenants we just started a special of $125 off each month for the first 12 months and we're finally getting more leads, but no one is biting! So far we've only got one unit leased and we're getting worried. Any tips!

Here's the listing.

https://www.apartments.com/401-charlotte-lofts-kansas-city-m...

Adam

[Kevin Sobilo]

Quote from @Adam York:

@Jaron Walling Thank you!

There's a good variety. In the next neighborhood over where all the activity is I found the following, all 1bd/1bth apts.

917sqft: $1640

835sqft: $1729

893sqft: $1899

886sqft: $2250

The only thing I can think is that we don't offer any amenities; gym, pool, etc. The best advantage we have to an apartment is that you're front door is like 10 steps from your parking space.

@Adam York, sounds like you are answering your own question. If the price is similar and they offer more amenities.

Also consider that charging top dollar will likely mean not only increased vacancy which you are experiencing now but also increased turnover as people will be less likely to stay very long. A bunch of 1 year stays gets expensive for a landlord. You want to really think about the value proposition you are offering a tenant.